RISK MANAGEMENT
The process of recognizing, assessing, controlling, and responding to threats to an organization’s capital and earnings that occur during a business’s life cycle is known as risk management. According to ISO 31000, risk management process is a “systematic application of management policies, procedures and practices to the tasks of communication, consultation, establishing the context, identifying, analyzing, […]
PONZI SCHEME
My friend John Doe was introduced to a forex platform that pays a monthly interest rate of 15% plus. He had the option of investing his money for six months or a year. According to the investment contract, he might withdraw his funds before the end of the investment period, but only 70% of the […]
E-Naira: Benefits and Possible Risks
Nigeria will be joining five other countries in the world today to launch their own central bank digital currency called eNaira today, such as the Bahamas, Saint Kitts and Nevis, Antigua and Barbuda, Saint Lucia, and Grenada. A Central Bank Digital Currency is the digital form of a country’s fiat currency (A fiat currency is […]
WHISTLEBLOWING
The growth of whistleblowing began with the global financial crisis of 2007/2008, which reawakened the globe to the need for corporate corruption to be addressed. Whistleblowing is a word used when a person, generally an employee, discloses knowledge or activity within a private, public, or government institution that is unlawful, illicit, or fraudulent. Making a […]
POOR INTERNAL CONTROLS
Internal controls are the systems, regulations, and procedures put in place by a firm or organization to assure the accuracy of financial and accounting data, encourage accountability, and prevent fraud. These controls can assist enhance operational efficiency by enhancing financial reporting accuracy and timeliness. The Committee of Sponsoring Organization of the Treadway Commission (COSO) model […]
PHISHING
Phishing is a sort of social engineering-based cyberattack. By impersonating a legitimate entity or institution, fraudsters contact their targets by sending fraudulent messages via email, text message, or phone call, tricking them into disclosing sensitive information such as passwords, credit card details, personally identifiable information, bank details, payment orders, and so on. The victims are […]
ONE-TIME PASSWORD (OTP) FRAUD
It is common knowledge that fraud can occur using any means possible. A more common occurrence around us today is with the One-Time Password or Pin also known as OTP. The (OTP) is a password that is only valid for one login session or transaction on a computer system or other digital device. Traditional (static) […]
Juice Jacking: Ways devices can be kept secure when traveling
Is charging a gadget at a public charging station safe? It is not safe, to say the least. Juice jacking is one of the many diverse techniques that fraudsters have devised to commit fraud. You charge your device at a public charging station, such as an airport, train station, or hotel lobbies, while a fraudster […]
FRAUD IN VIRTUAL CURRENCIES
Virtual currencies vary from traditional currencies like the Nigerian naira in that they are only available in electronic form. This translates to when you buy a virtual currency, you do not receive the paper format or coin that you can hold in your hands. Instead, you receive these in electronic units with a figure attached […]
BUSINESS EMAIL COMPROMISE
Business Email Compromise (BEC) is also known as email account compromise, man-in the-email attack. Not only is this type of fraud one of the most financially damaging online crimes, but it is also costlier than other fraud attacks combined. It is becoming more targeted, there are fewer victims, but the losses are greater. In BEC […]